Jump to content
House Price Crash Forum
Realistbear

Average Age Of F T B To Be Moved Up To 44

Recommended Posts

http://uk.finance.yahoo.com/news/Age-first-time-buyers-tele-1973494091.html?x=0

Age of first-time buyers to increase to 44
Myra Butterworth, 12:38, Wednesday 2 March 2011
The average age of a first-time buyer could rise from 31 to 44 because saving for a deposit is so difficult, a study reveals today.
Saving any money at all has becoming increasing difficult for those under 30 due to unemployment, the rising cost of inflation and student fees.
But if they wait until they are 30 before beginning to save for a deposit, it will take 13 years before they have the amount required to obtain a mortgage on a typical home, according to the calculations by Scottish Widows.
The report found that at least 18 million Britons are failing to save any money at all because they can only just make ends meet every month, up 16 per cent on a year ago.

Good here isn't it?

Share this post


Link to post
Share on other sites

Myra Butterworth also (IIRC) writes drivekl for the Telegraph

the thought still has not crossed her little mind that house prices might come down

Share this post


Link to post
Share on other sites

The rest of the article goes on to basically blame the feckless young for not saving.

Even if young people had money left over to save, if the last 10 years of hpi and more recently low interest rates and rampant inflation has taught them anything, its that saving is a mugs game.

Share this post


Link to post
Share on other sites

I'm seriously struggling to hold onto my deposit in that I just keep coming up short each month eating into it however I'm definitely not going to stump up for an overpriced box again that will have me in debt for all time whilst falling in value. If I do start properly feeding off my house deposit a friend of mine is a recipient of housing benefit and his place is better than the property I owned and my current rental.

Share this post


Link to post
Share on other sites

Tying into the revised retirement age nicely...

Fast forward 20 years and you will be living at home / renting until you are 65... then the 25 year mortgage begins

Share this post


Link to post
Share on other sites

The rest of the article goes on to basically blame the feckless young for not saving.

Even if young people had money left over to save, if the last 10 years of hpi and more recently low interest rates and rampant inflation has taught them anything, its that saving is a mugs game.

Report in the times the other week said under 30s are saving the most. Study was by PWC fwiw.

Share this post


Link to post
Share on other sites

No they won't. For most people on a 25 year mortgage, 40 will be the cut off point. I guess she is trying to say this is all pent-up demand that will eventually lap up overpriced hovels. Where will is stop... average age of FTBers to be 55. Poor VI reasoning and Bulls***

Share this post


Link to post
Share on other sites

I'm seriously struggling to hold onto my deposit in that I just keep coming up short each month eating into it however I'm definitely not going to stump up for an overpriced box again that will have me in debt for all time whilst falling in value. If I do start properly feeding off my house deposit a friend of mine is a recipient of housing benefit and his place is better than the property I owned and my current rental.

Someone suggested those on HB is far larger than many believe--50% of the population?

It may be the case that HB will be normal in the years ahead as home owning will be for the bankster class and their immediate dependents (MPs, BTLers, Fininacial Services, Shylocks etc).

The proletarianisation of Britain put into motion by New Labour and executed by New Koalishon.

All according to the Banksters master plan. Brilliant in its planning, brilliant in its execution and .............................

Share this post


Link to post
Share on other sites

Tying into the revised retirement age nicely...

Fast forward 20 years and you will be living at home / renting until you are 65... then the 25 year mortgage begins

more like inter generational mortgages of 50 years or 100 years and families living 3 generations under the same roof. Much like they do in Germany or our foreign friends do here.

Share this post


Link to post
Share on other sites

more like inter generational mortgages of 50 years or 100 years

a Banksters wet dream... would like to see the monthly capital repayment part of the mortgage for the first 50 years of the 100 year term...

£500 on interest, and 37p paid off the loan ! :lol:

Share this post


Link to post
Share on other sites

I'm seriously struggling to hold onto my deposit in that I just keep coming up short each month eating into it however I'm definitely not going to stump up for an overpriced box again that will have me in debt for all time whilst falling in value. If I do start properly feeding off my house deposit a friend of mine is a recipient of housing benefit and his place is better than the property I owned and my current rental.

Great Posts. All of this airy fairy stuff I and others spout is just window dressing, real stories and experience count for so much more.

I am afraid to say though, that your post sums up exactly what is wrong with our housing policy. There is no need to work hard and better yourself down at the lower end of the income spectrum. You cant save enough to escape the clutches of the benefits system and get your own place. Instead, you are better off throwing in the towel, dropping out, and getting the taxpayers to put you up somewhere decent. How do you feel paying for your friends place when you cant get anywhere for yourself? Call that fair?

The system is now so badly gamed and abused, that I fear the only solution is not to tweak it, but to break it entirely. If that means have babies crying on frozen streets under cardboard, so be it, we just have to do it.

We need to end HB, and end council housing, sell the lot off. Use the money saved to reduce taxation for lower paid workers, and then let the market sort housing out. Many will be amazed how a bit of tough love encourages people to work, contribute, and build lives out of their own efforts. So much better than sponging off the efforts of others.

Share this post


Link to post
Share on other sites

The government going to have a massive crisis when people hit their 60s, if they think the housing benefit bill is high now wait 20 years, they havent kept up social housing low rents, the bill is going to be huge. but then again we all know this. The money spend building social homes would benefit the economy and lower the housing benefit bill etc... housing is different from all other areas housing is one thing that everyone needs you can't off load that on to private market they'll abuse it.

housing is the one thing that should remain in local government control.

Share this post


Link to post
Share on other sites

http://uk.finance.yahoo.com/news/Age-first-time-buyers-tele-1973494091.html?x=0

Age of first-time buyers to increase to 44
Myra Butterworth, 12:38, Wednesday 2 March 2011
The average age of a first-time buyer could rise from 31 to 44 because saving for a deposit is so difficult, a study reveals today.
Saving any money at all has becoming increasing difficult for those under 30 due to unemployment, the rising cost of inflation and student fees.
But if they wait until they are 30 before beginning to save for a deposit, it will take 13 years before they have the amount required to obtain a mortgage on a typical home, according to the calculations by Scottish Widows.
The report found that at least 18 million Britons are failing to save any money at all because they can only just make ends meet every month, up 16 per cent on a year ago.

Good here isn't it?

For an ex-lawyer, your misuse of words is astonishing. presumeably that's why you are an ex-lawyer?

"Average Age Of F T B To Be Moved Up To 44"... really? who is moving it?

Or do you mean the average age fo FTB's MOVES up to 44?

Share this post


Link to post
Share on other sites

http://uk.finance.yahoo.com/news/Age-first-time-buyers-tele-1973494091.html?x=0

Age of first-time buyers to increase to 44
The average age of a first-time buyer could rise from 31 to 44 because saving for a deposit is so difficult, a study reveals today.
Soon, FTBs will be able to move directly to McCarthy Stone retirement / sheltered accommodation. And miss out on the entire "housing ladder".

Share this post


Link to post
Share on other sites

I'm seriously struggling to hold onto my deposit in that I just keep coming up short each month eating into it however I'm definitely not going to stump up for an overpriced box again that will have me in debt for all time whilst falling in value. If I do start properly feeding off my house deposit a friend of mine is a recipient of housing benefit and his place is better than the property I owned and my current rental.

Everything points to you having to eat into your deposit over the next few years ....doesn't it? Energy costs rising, food costs rising and just about everything else. Sounds like you need to take on plan B.

Share this post


Link to post
Share on other sites

http://uk.finance.ya...494091.html?x=0

Age of first-time buyers to increase to 44
Myra Butterworth, 12:38, Wednesday 2 March 2011
The average age of a first-time buyer could rise from 31 to 44 because saving for a deposit is so difficult, a study reveals today.
Saving any money at all has becoming increasing difficult for those under 30 due to unemployment, the rising cost of inflation and student fees.
But if they wait until they are 30 before beginning to save for a deposit, it will take 13 years before they have the amount required to obtain a mortgage on a typical home, according to the calculations by Scottish Widows.
The report found that at least 18 million Britons are failing to save any money at all because they can only just make ends meet every month, up 16 per cent on a year ago.

Good here isn't it?

Is for me, I'm now younger than the average FTB. :D

Share this post


Link to post
Share on other sites

The rest of the article goes on to basically blame the feckless young for not saving.

Even if young people had money left over to save, if the last 10 years of hpi and more recently low interest rates and rampant inflation has taught them anything, its that saving is a mugs game.

I'm 29 and have saved £80k deposit. To be honest I'd rather see it slowly eaten away by inflation rather than pay stupid prices to a spiv for a shoebox.

Assuming its for a house though, I can't see my money losing value over the next 10 years, it'll just remain static at worst and hopefully gain if I invest rather than leave it in the bank.

Share this post


Link to post
Share on other sites

The rest of the article goes on to basically blame the feckless young for not saving.

Even if young people had money left over to save, if the last 10 years of hpi and more recently low interest rates and rampant inflation has taught them anything, its that saving is a mugs game.

Plus the fact that if the target is so far out of sight, what is the point in aiming for it? Humans are notoriously impulsive and short-sighted, your average person will not have the will to save until 44 for a house, expectations will just change and ownership will become a thing of the past, then the banks will have us all by the balls. Unless of course we get our HPC :ph34r:

Share this post


Link to post
Share on other sites

Soon, FTBs will be able to move directly to McCarthy Stone retirement / sheltered accommodation. And miss out on the entire "housing ladder".

That's when they'll start marketing coffins as ideal for first time buyers / investors.

Share this post


Link to post
Share on other sites

I'm 29 and have saved £80k deposit. To be honest I'd rather see it slowly eaten away by inflation rather than pay stupid prices to a spiv for a shoebox.

Assuming its for a house though, I can't see my money losing value over the next 10 years, it'll just remain static at worst and hopefully gain if I invest rather than leave it in the bank.

Am in a similar position with same amount of savings. Out of interest, where have you got them stashed away?

Share this post


Link to post
Share on other sites

Woohoo, I'm below the average again. I have always been a saver to a greater or lesser degree, However, periods out of work always seem to decimate my savings just as I start looking at the housing market. Hopefully this time will be different, I'm saving like a madman, Plan is to buy by 40 and pay it off by at least 50 if not before. Maybe I can start trying for a family then :(

38 at the moment by the way.

Share this post


Link to post
Share on other sites
Plan is to buy by 40 and pay it off by at least 50 if not before. Maybe I can start trying for a family then :(

38 at the moment by the way.

If you want kids have some.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.